Spray the inside of your Instant Pot with nonstick cooking spray and turn on the "saute" function.
Place the ground beef and sausage in the Instant Pot and cook, stirring occasionally, until the meat is cooked through.
Add the chopped onion, red bell peppers, green bell peppers, and garlic cloves to the meat mixture and allow to cook for 3-5 minutes.
Turn off your Instant Pot and add in the crushed tomatoes, tomato sauce, diced tomatoes, beans, green chiles, beef broth, and soy sauce.
Stir in the chili powder, beef bullion, brown sugar, cumin, oregano, smoked paprika, coriander, black pepper, and salt.
Place the lid on your Instant Pot and make sure the valve is closed. Set the Instant Pot on Manual mode for 20 minutes.
When the timer goes off, allow the chili to natural release for 10 minutes before manually opening the vent.